New Zealand’s decline in global competitiveness ranking is a matter of real concern, says BusinessNZ.

The IMD World Competitiveness Survey shows New Zealand slipping five places to 20th place among the 58 developed nations surveyed.

BusinessNZ Chief Executive Phil O’Reilly says the survey highlights the dynamic nature of global competitiveness.

“Becoming competitive is not just a matter of hitting a growth target. New Zealand must keep pace with an accelerating target as other nations create economic success. A better export performance, based on ongoing improvements in innovation and productivity are needed.”

As New Zealand’s ranking has declined, Australia’s has improved, now ranking 5th in the world.

Mr O’Reilly said this evidence of the widening of the trans-Tasman gap underscored the seriousness of the Budget measures to be announced today.

“The main goal of the Budget must be to make changes that help our economy to become more competitive.

“For example changes in tax hold a great deal of potential for creating the right incentives for a more competitive economy and it is to be hoped that the Budget will deliver these, along with moves towards reduced government spending and regulation.”

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